Start high in negotiations and low in auctions (opens in new tab)

(businessinsider.com)

1 pointsvtry13y ago2 comments

2 comments

vtryOP13y ago

starting prices are a form of 'anchor' - a piece of information which is known to affect subsequent decisions. As the authors note, anchoring has a powerful influence on our reasoning:

vtryOP13y ago

It also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy:

j / k navigate · click thread line to collapse

Start high in negotiations and low in auctions (opens in new tab)

(businessinsider.com)

1 pointsvtry13y ago2 comments

2 comments

vtryOP13y ago

starting prices are a form of 'anchor' - a piece of information which is known to affect subsequent decisions. As the authors note, anchoring has a powerful influence on our reasoning:

vtryOP13y ago

It also turns out that, contrary to conventional wisdom, making the first offer is also a good strategy:

j / k navigate · click thread line to collapse